0

Subjects>Business>Accounting

Is prepay insurance a current asset?

Anonymous

∙ 11y ago

Updated: 9/18/2023

Yes any expense paid in advance is current assets as the benefit of that amount is required to be taken in future.

Wiki User

∙ 11y ago

What else can I help you with?

Continue Learning about Accounting

Is prepaid insurance a current asset or fixed asset?

Current Asset

Is Prepaid insurance is an asset account?

Prepaid insurance is that amount which is paid in advance for future insurance so until actual insurance facility is availed by company it is an asset of company and if it is for short term or will be availed in current fiscal year then it is current asset otherwise a fixed asset, if some portion is usable in current fiscal year then only that portion will be current asset and remaining will be fixed asset.

Insurance premium paid in advance Is it a accrued expenses?

No, if Insurance premium is paid in advance then it is a Prepayment - current asset.

What type of account is Prepaid Insurance?

Prepaid insurance is personal nature of account and amount in it is shown as current asset in balance sheet.

Is gold is fixed asset or current asset?

Current asset

Related Questions

Is prepaid insurance a current asset or fixed asset?

Current Asset

Is Prepaid insurance is an asset account?

Prepaid insurance is that amount which is paid in advance for future insurance so until actual insurance facility is availed by company it is an asset of company and if it is for short term or will be availed in current fiscal year then it is current asset otherwise a fixed asset, if some portion is usable in current fiscal year then only that portion will be current asset and remaining will be fixed asset.

Is prepaid insurance a current asset?

yes, it is

Insurance premium paid in advance Is it a accrued expenses?

No, if Insurance premium is paid in advance then it is a Prepayment - current asset.

What type of account is Prepaid Insurance?

Prepaid insurance is personal nature of account and amount in it is shown as current asset in balance sheet.

Is gold is fixed asset or current asset?

Current asset

Is cafe a current asset or fixed asset?

Current asset.

Is money lent by a bank a current asset or non current asset?

non current asset

Is prepaid insurance a debit or credit balance?

Prepaid insurance is that amount which is paid in advance and no benefit has taken yet that's why it is current asset for business.

Is a security deposit a current asset or current liability?

Current Asset

Is Prepaid insurance expense an asset?

Yes. All prepaid items go in current assets until they are used and transferred to the profit and loss.

Is premises a current asset or non current asset?

non-current assets.

Trending Questions

How do you double entry dividend received from overseas subsidiary? What are state tax liens and why are they important? Reasons to Pay an Online Credit Card Bill? What has become a crucial process for accounts payable in eliminating the massive amounts of paper work they receive? Can the State of Minnesota or the IRS take money from a bank account that is not a joint account to pay for a spouse's back taxes if the one who has the account does not owe taxes? How do you usually start off a report? Transactions affecting owner's equity include? If a creditor does not report the date an accounts payments became delinquent when does the 7 year SOL begin? What are the characteristics of night auditor? Can you use pencil on your tax form? What costs are to included in the valuation of inventory? What is the personal qualities expected of an accountant? What is accounting treatment for deposit for shares? Do you have to pay sales tax for selling a house? If gas accrual in Jan 15.00 Feb 15.00 and March 12.00 paid gas bill in march for Jan 25 What are your journal entries for Jan feb march including reversals of accruals accounts payable and payment? Determinants of working capital? Who are the individuals charged with the responsibility for directing the day-to-day operations of a business? What is the Texas' tax percentage? What component of an accounting classification identifies the nature of the services purchased? What is the sales tax rate in Hall county Georgia?

Resources

Top Categories

Product

Company

Copyright ©2025 Answers.com. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Answers.